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Mercosur Regional Analysis

Wheat The grain exchanges issued new estimates for new crop wheat production with the Buenos Aires Grain Exchange more optimistic at 12.4 MMT, and the Rosa...

Market Commentary – Turnaround Friday

After a mostly dreary week, grains and soybeans managed a modest turnaround today. Not a complete turnaround as there were still net losses for the week bu...

What a Week it Was

Here’s a short wrap up perspective after a week with lots of drama. In sum, the final results of Tuesday’s election are not in yet and the part...

Summary of Futures

Dec 22 Corn closed at $6.58/bushel, up $0.0475 from yesterday's close.  Dec 22 Wheat closed at $8.1375/bushel, up $0.1025 from yesterday's close. ...

Oilseed Highlights – Still Rising

The Market   Soymeal continues to be the drag on the market but even soyoil did not help much this week. Soybean prices were down about 12 cents for t...

Summary of Futures

Dec 22 Corn closed at $6.5325/bushel, down $0.1125 from yesterday's close.  Dec 22 Wheat closed at $8.035/bushel, down $0.03 from yesterday's close.&n...

Export Sales

Export Sales for Oct 28 to Nov 3, 2022 Wheat: Net sales of 322,500 metric tons (MT) for 2022/2023 primarily for unknown destinations (77,500 MT), South Kor...

WASDE Soybeans

USDA increased U.S. soybean ending stocks by 20 million bushels to 220 million.  The U.S. season-average soybean price for 2022/23 is forecast at $14...

WASDE Corn

USDA forecast U.S. corn production at 13.930 billion bushels, up 35 million from last month on a 0.4-bushel increase in yield to 172.3 bushels per acre.&nb...

WASDE Wheat

USDA left U.S. wheat exports unchanged at 775 million bushels - with offsetting changes for White wheat and Durum.  Projected 2022/23 ending stocks ar...

Questions for Ms. Tai; Crimes at COP 27

Questions for Ms. Tai It is not clear yet whether the Republicans will win the U.S. House but if they do, there is likely to be greater inspection of the B...

China In-Country Analysis

Macroeconomics Food Inflation Continues to Bite, Up 7 Percent in October The average cost of food in October was up year-on-year for the seventh consecutiv...

Summary of Futures

Dec 22 Corn closed at $6.645/bushel, down $0.03 from yesterday's close.  Dec 22 Wheat closed at $8.065/bushel, down $0.2125 from yesterday's close.&nb...

Black Sea Regional Analysis

Russian Grain Markets: 31 October - 4 November 2022 Russia’s grain harvest continues and has set a record of 150 MMT. Russia’s wheat belt, Kras...

Early Release Version of USDA 2023-2032 Baseline Outlook

USDA publishes its long term 10-year outlook every year in February at the annual Ag Outlook Conference – the last was February 2022. The outlook is...

Complex Transatlantic Balance; Green Truth; Underworld Farming

Complex Transatlantic Balance European leaders are warning that Washington doesn’t seem to understand the seriousness of their complaint against the...

Summary of Futures

Dec 22 Corn closed at $6.675/bushel, down $0.0825 from yesterday's close.  Dec 22 Wheat closed at $8.2775/bushel, down $0.18 from yesterday's close.&n...

Blame the Rice Boogey Man

Rice is the top staple food crop in Asia and the third largest global crop after corn and sugarcane. When rice production is in trouble, people pay attenti...

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iran said it is willing to make land available in Bandar Abbas port for a...

Beef and Pork Exports

The September export data for red meat is in. Pork grew for the second month, and beef cooled off from a so-far record year. September was the first month...

Summary of Futures

Dec 22 Corn closed at $6.7575/bushel, down $0.0525 from yesterday's close.  Dec 22 Wheat closed at $8.4575/bushel, down $0.02 from yesterday's close.&...

Tight Dairy Supplies

After going to four different grocery stores this past weekend looking for heavy cream and nearly coming up empty handed, it is confirmed that U.S. dairy s...

Mercosur Regional Analysis

Wheat Finally, the government announced that export declarations made by exporters for shipments from December to February may be extended for 12 months wi...

Mexico Hardens Positions; Good Luck

Mexico Hardens Positions USTR Katherine Tai met with her Mexican counterpart this week, Economy Minister Raquel Buenrostro, and the message was clear, Mexi...

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Summary of Futures

Dec 22 Corn closed at $6.81/bushel, up $0.0175 from yesterday's close.  Dec 22 Wheat closed at $8.4775/bushel, up $0.0725 from yesterday's close. ...

Oilseed Highlights – Yo-Yo Anyone?

The Market They're up, they’re down, they’re up. It was a yo-yo week, though ultimately ending 64 cents higher for November soybeans, and tradi...

Market Commentary: CBOT Falls on Strong U.S.Dollar, Weak Macroeconomic Markets

The CBOT was mostly lower on Thursday as the impacts of Russia’s return to the Ukraine export corridor agreement and the sharp rally in the U.S. doll...

Summary of Futures

Dec 22 Corn closed at $6.7925/bushel, down $0.0825 from yesterday's close.  Dec 22 Wheat closed at $8.405/bushel, down $0.055 from yesterday's close.&...

Export Sales

Export Sales for 21-27, 2022  Wheat: Net sales of 348,100 metric tons (MT) for 2022/2023 primarily for South Korea (82,100 MT), Indonesia (63,000 MT),...

Market Commentary: Russia Taketh and Russia Giveth; But Volatility Remains

What Russia taketh away, Russia apparently giveth back. Just three days after leaving the Ukraine export corridor deal, Russia reversed its weekend decisio...

WTO Chair Fight; Leveraging Trade Benefits; Price Cap No Panacea

WTO Chair Fight Selecting new chairs to lead the agriculture and rules negotiating bodies may soon get settled. The rich countries wanted Clare Kelly to le...

Anomalous Chinese Data

Dim Sums takes issue with Chinese data for showing pork production on par with the prior year but pork prices being 36 percent higher, and up even more usi...

Summary of Futures

Dec 22 Corn closed at $6.875/bushel, down $0.1025 from yesterday's close.  Dec 22 Wheat closed at $8.46/bushel, down $0.565 from yesterday's close.&nb...

China In-Country Analysis

Livestock MARA Assures Market Has Ample Hog Supply, Warns of Excess On October 28, China’s Ministry of Agriculture and Rural Affairs (MARA) stated th...

Black Sea Regional Analysis

Russian Grain Markets: 24-28 October 2022 Planting Update Winter crop planting is still behind schedule and may be the lowest in the past five years. As of...

Market Commentary: Soybeans Lead CBOT Rally on China Policy, Brazil Protests

The CBOT rallied for a second straight day, but this time it was soybeans leading the way. The oilseed market moved higher after rumors surfaced that China...

Saving the World; Enjoying the World

Saving the World More than 50 agriculture ministers from OECD-member and non-member countries meet later this week to discuss: Building Sustainable Agricul...

Fertilizer: No Room for Error

There are a lot of uncertainties in the market and ranging from the political like the war, to the mundane such as weather. One variable front and center i...

Summary of Futures

Dec 22 Corn closed at $6.9775/bushel, up $0.0625 from yesterday's close.  Dec 22 Wheat closed at $9.025/bushel, up $0.2025 from yesterday's close.&nbs...

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION MEA region grain importers are going to suffer greatly if the Russian act...

Brazil’s Election Results and Where Ag Trade Policy May Go

Election fever is at high pitch in the U.S. with the Congressional mid-terms just one week from tomorrow. At stake is a likely change in party control of t...

Summary of Futures

Dec 22 Corn closed at $6.915/bushel, up $0.1075 from yesterday's close.  Dec 22 Wheat closed at $8.8225/bushel, up $0.53 from yesterday's close. ...

OECD Ag Statement; Polls on Agritech and Putin

OECD Ag Statement Thirty-eight agriculture ministers from OECD member countries plus a dozen or so more will meet later this week in Paris to discuss: Buil...

Mercosur Regional Analysis

Wheat Last week's rains were good and abundant in some regions but scarce and too late for the wheat crop in others. In the central and northern part of th...

Brazilian Election Bullish

Brazilian presidential candidate Jair Bolsonaro promised continued land development whereas his challenger and the ultimate winner, Luiz Inácio Lula...

European Market Analysis

Ukraine Export Corridor Update The biggest news in European and Black Sea grain markets this week is Russia’s announcement that it will exit the UN/U...

Enjoy it While it Lasts

Real GDP grew at a moderate 2.6 percent annual rate in the third quarter.  That was higher than the pre-report consensus expectations of 2.3 percent.&...

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Summary of Futures

Dec 22 Corn closed at $6.8075/bushel, down $0.015 from yesterday's close.  Dec 22 Wheat closed at $8.2925/bushel, down $0.0925 from yesterday's close...

Oilseed Highlights – The Going Gets Good

The Market This week’s trading in the futures market reversed last week’s gains for November soybeans. The loss of 7.75 cents places the contra...

Mexico’s Non-GMO Gambit; GMO and Trade Narcissism

Mexico’s Non-GMO Gambit Mexican Deputy Agriculture Minister Victor Suarez told Reuters that his country will halve its import of U.S. of yellow corn...

Market Commentary: Consensus in Play

After four days of trading this week and thousands of contracts trading hands, as of today’s close, corn is down 0.292 percent, soybeans are down 0.9...

China In-Country Analysis

Macroeconomics Food Costs in September Surge Upward by Nearly 9 Percent With the 20th Party Congress concluded, China’s economic data through Q3 are...

Summary of Futures

Dec 22 Corn closed at $6.8225/bushel, down $0.0275 from yesterday's close.  Dec 22 Wheat closed at $8.385/bushel, down $0.02 from yesterday's close.&n...

Livestock Roundup: Cash Cattle and Cutout Bullish

As we reported Monday, the USDA Cattle on Feed report showed its first drop in on-feed inventory for the year. Yesterday’s quarterly livestock data f...

Jokes and Me; Silly Tariffs; Stress Equals Pause

Jokes on Me On 18 October we chided WTO Director-General Ngozi Okonjo-Iweala (DG) for seeking to instead lead the World Social Organization. The WTO is fai...

Export Sales

Export Sales for October 14-20, 2022 Wheat: Net sales of 533,200 metric tons (MT) for 2022/2023 primarily for South Korea (109,500 MT), unknown destination...

Major Producers and Consumers of Wine

European wine makers gathered yesterday to discuss the theme: "What role for international trade & innovation in increasing the EU viticulture’s...

Summary of Futures

Dec 22 Corn closed at $6.85/bushel, down $0.0125 from yesterday's close.  Dec 22 Wheat closed at $8.405/bushel, up $0.0575 from yesterday's close.&nbs...

Bernienomics; Agriculture as Springboard; Sound Advice

Bernienomics American socialist politician Bernie Sanders blames greedy companies for causing rising prices. Some in the EU see the same thing, complaining...

Black Sea Regional Analysis

Russian Grain Markets: 17-21 October 2022 Planting Update Russian winter crop planting is still behind schedule and may be the lowest for the past five yea...

Market Commentary: Not Pretty

Though they closed higher, volume was down in corn and soybeans and wheat shaved off some more excess value. The truth is there is just not much to move th...

Change from Crisis, Not Retreat; Listen not Reverse

Change from Crisis, Not Retreat WTO members discussed agriculture at a retreat designed non-retreat yesterday that discussed the obvious – the rules...

Summary of Futures

Dec 22 Corn closed at $6.8625/bushel, up $0.0475 from yesterday's close.  Dec 22 Wheat closed at $8.3475/bushel, down $0.04 from yesterday's close.&nb...

Diesel Inventories at Near Record Lows

Diesel fuel inventories are now at historic lows. As of the week ending 14 October, there were about 25 days of coverage from weekly ending stocks. That&rs...

Nicaragua Trade Impacts

On Monday, President Biden signed an Executive Order (E.O.) that amends E.O. 13851 (Blocking Property of Certain Persons Contributing to the Situation in N...

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s planting of wheat may be delayed by at least a month in...

Summary of Futures

Dec 22 Corn closed at $6.815/bushel, down $0.0275 from yesterday's close.  Dec 22 Wheat closed at $8.3875/bushel, down $0.12 from yesterday's close.&n...

Mercosur Regional Analysis

Weather The weather was the primary focus for South America’s grain and oilseed markets last week. Argentina’s wheat yields continue to be nega...

Drought’s Double Whammy on China

Rice is the second largest crop in China, behind corn, but is perhaps the most important food crop. This year, drought in south China has hurt yields and q...

October Cattle on Feed: First Year-over-Year Drop in 2022

USDA released its monthly Cattle on Feed report on Friday; the inventory of cattle and calves on feed was 11.4 million, or 99 percent of October 2021. ...

Market Commentary – Closing the Week on Firm Note

Except for livestock and soyoil, today’s futures trading opened mostly lower. However, under relatively smaller volumes of trading, corn, soybeans, s...

Oilseed Highlights - Happy Times

The Market The market lost faith on Tuesday as soybeans lost double digits in the nearby futures contracts, supposedly over worries that exports were too s...

Cattle on Feed

• U.S. Cattle on Feed totaled 11.4 million head on October 1, 2022, down 1 percent from 2021. • Placements in feedlots during September totaled 2...

Will High Input Prices Lead to Margin Based Crop Insurance?

Based on USDA projections, inflation-adjusted net farm income this year will be $148 billion, down 1 percent from 2021. The drop in income is led by sharp...

Summary of Futures

Dec 22 Corn closed at $6.8425/bushel, up $0.0025 from yesterday's close.  Dec 22 Wheat closed at $8.5075/bushel, up $0.015 from yesterday's close.&nbs...

China In-Country Analysis

Public Health President Xi Doubles Down on Zero-COVID, Port Cities Face Closures Heading into the 20th Party Congress, some observers were optimistically h...

Market Commentary – Supply, Demand, Distortions

Where are the season lows? Despite competitiveness problems, corn and wheat prices continue to be stable. At least soybeans have stellar exports to prop th...

King and Queen Pillage the Village

King corn is losing a battle with Queen soybeans, and this has activated the politicians for another round of support. Renewable diesel is projected to inc...

Summary of Futures

Dec 22 Corn closed at $6.84/bushel, up $0.0575 from yesterday's close.  Dec 22 Wheat closed at $8.4925/bushel, up $0.08 from yesterday's close. ...

Livestock Roundup: First Year-over-Year Drop in COF Expected

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 October at 99 per...

Export Sales

Export Sales for October 7-13, 2022 Wheat: Net sales of 163,100 metric tons (MT) for 2022/2023 primarily for Mexico (93,500 MT, including decreases of 900...

Free Trade Dreaming

The U.S. Congress often accomplishes more during lame duck sessions, the period after an election and before new members are sworn in, because those retiri...

Summary of Futures

Dec 22 Corn closed at $6.7825/bushel, down $0.0275 from yesterday's close.  Dec 22 Wheat closed at $8.4125/bushel, down $0.0825 from yesterday's close...

Transportation Workaround

A third of U.S. grain and oilseed exports move through New Orleans and nearly 40 percent if one includes the Texas Gulf ports. Another 15 percent moves out...

Black Sea Regional Analysis

Russian Grain Markets: 10-14 October 2022 Winter Crop Planting Russian winter crop planting is still behind schedule and may be the lowest in the last five...

Market Commentary: Livestock Rallies Continue; Grains End Lower on Fund Selling

The CBOT pulled back again on Tuesday with only soyoil and the livestock contracts finding their way to higher ground. Funds continued to liquidate their n...

World Social Organization; War on Economics

World Social Organization Speaking before the Bretton Woods Committee last week, WTO Director-General Ngozi Okonjo-Iweala reportedly identified the top pri...

Election Potentially Changes Ag Committee Composition

The 2022 mid-term Congressional elections are three weeks from today. There is a lot of prognostication about the potential outcome, more and more of it pr...

Benefit of Noncompeting Goods

U.S. pet food has been identified as a high-potential agricultural export. Pet food exports have been increasing by an average 8 percent per year and proba...

Summary of Futures

Dec 22 Corn closed at $6.81/bushel, down $0.025 from yesterday's close.  Dec 22 Wheat closed at $8.495/bushel, down $0.115 from yesterday's close.&nbs...

Middle East, Mediterranean and Africa Regional Analysis

This is an abbreviated report due to analysts’ travel obligations. Regional Food Crisis A trifecta of problems including soaring interest rates, high...

Market Commentary: Grains Mixed to Start Week; Livestock Markets Rally Sharply

The CBOT ended mixed in low volume to start the week. The only market to see substantial action was soyoil as a bullish NOPA report and Russian attacks on...

Mutual Low Expectations; Opaque Equals Volatility; Organic Slows

Mutual Low Expectations The U.S. – India Trade Policy Forum will be held in Washington, DC on 8 November and nobody is expecting much to happen. Ther...

European Market Analysis

Regional News  Ukraine’s agribusiness Nibulon has completed the “first stage” of a new grain export facility in the Danube River por...

Summary of Futures

Dec 22 Corn closed at $6.835/bushel, down $0.0625 from yesterday's close.  Dec 22 Wheat closed at $8.61/bushel, up $0.0125 from yesterday's close.&nbs...

Future Iranian Opportunity

Iran is a major importer of grains and vegetable oil, but its estrangement is getting worse. Now the EU has joined the U.S. in imposing sanctions on the Is...

Setting the Table for Milk Pricing Reform in the Farm Bill

In December 2021, USDA Secretary Vilsack urged the industry to “get in a room” to hash out a consensus on addressing dairy policy. This weekend...

Mercosur Regional Analysis

Wheat Last week, the Argentine government, exporters, and wheat millers met to discuss the wheat supply and demand situation. The meeting was only the firs...

Market Commentary: CBOT Ends on Down Note After Export Sales Disappoint

The CBOT was mostly lower to end the week with corn, soybeans, wheat, and both cattle contracts all posting losses by the closing bell. The only real gaine...

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

State Planning; Pesticide Cold Turkey

State Planning For years the term industrial policy was anathema to the Washington consensus that markets work best. Now USTR Katherine Tai is calling for...

Summary of Futures

Dec 22 Corn closed at $6.8975/bushel, down $0.08 from yesterday's close.  Dec 22 Wheat closed at $8.5975/bushel, down $0.325 from yesterday's close.&n...

Oilseeds Highlights - Lots of Distortions and Variables

The Market Wednesday’s October WASDE report was the market mover of the week. Soybean prices were already firm ahead of the report and while the whea...

Food Helping to Drive Inflation

The September producer and consumer price indices were released this week, and inflation continues to be an issue, as we discussed Monday in conjunction wi...

Export Sales

Export Sales for September 30-October 6, 2022  Wheat: Net sales of 211,800 metric tons (MT) for 2022/2023 primarily for Japan (65,200 MT), Thailand (5...

Market Commentary: Makeup Call

What could go right? The stock market and commodity futures both started the trading day glumly observing certain fundamentals: U.S. core inflation in Sep...

Summary of Futures

Dec 22 Corn closed at $6.9775/bushel, up $0.0475 from yesterday's close.  Dec 22 Wheat closed at $8.9225/bushel, up $0.1 from yesterday's close. ...

Livestock Roundup: WASDE and SCOTUS Prop 12 Case

Yesterday’s Word Agriculture Supply and Demand Estimates (WASDE) report marginally increased its forecast by 0.6 percent for total red meat and broil...

Representing Who?; Gaming Credits

Representing Who? The Biden Administration is looking at imposing new rules that would convert so-called gig workers at companies like Lyft and Uber into s...

WASDE Soybeans

USDA’s October WASDE reduced 2022/23 U.S. soybean production to 4.3 billion bushels, down 65 million on lower yields. Soybean exports are reduced 40...

WASDE Corn

USDA’s October WASDE reduced 2022/23 U.S. corn production to 13.895 billion bushels, down 49 million on a reduction in yield to 171.9 bushels per acr...

China In-Country Analysis

Public Health Coronavirus Lockdowns Return as 20th Party Congress Nears With President Xi essentially guaranteed a third term in office, there was some tho...

Prevented Planting Variability

U.S. spring planting conditions were sub-optimal, and the guessing involved an expected shift toward farmers uniquely sowing more soybeans than corn. That...

WASDE Wheat

USDA’s October WASDE reduced 2022/23 U.S. wheat production based by 133 million bushels to 1,650 million. However, first quarter total disappearance...

Summary of Futures

Dec 22 Corn closed at $6.93/bushel, up $0 from yesterday's close.  Dec 22 Wheat closed at $8.8225/bushel, down $0.1875 from yesterday's close.  N...

Black Sea Regional Analysis

Russian Grain Markets: 3-7 October 2022 Russian winter crop planting is behind schedule at only around 50 percent of the forecast and 1 Mha behind last yea...

Tech Future; Layman’s Harm; Foreign Policy Mess

Tech Future U.S. Trade Representative Katherine Tai will be meeting this week with EU Trade Commissioner Valdis Dombrovskis and hearing complaints about Am...

Seeing Red

California is by far the largest tomato producing state with Florida far behind. However, California processes most of the tomatoes, leaving Florida’...

Summary of Futures

Dec 22 Corn closed at $6.93/bushel, down $0.0525 from yesterday's close.  Dec 22 Wheat closed at $9.01/bushel, down $0.37 from yesterday's close. ...

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Turkish officials said they want the Ukraine/Russia grain corridor agreem...

Free Trade Double Talk

U.S. House Ways & Means Committee Chairman Richard Neal (D-Massachusetts) took a delegation to the WTO last week and upon return encouraged the Biden W...

Employment and Inflation Analysis

Recent economic data is still less than conclusive on where the U.S. economy is headed. Last week’s job report came out strong. Payrolls were up 263,...

Alt-Meat Conundrum

Meat substitutes appear to be having trouble in the U.S. but perhaps not in Asia. Recent headlines related to the U.S. market imply a distribution chain th...

Summary of Futures

Dec 22 Corn closed at $6.9825/bushel, up $0.15 from yesterday's close.  Dec 22 Wheat closed at $9.38/bushel, up $0.5775 from yesterday's close. ...

Mercosur Regional Analysis

Wheat Wheat prices in the local market continue to rise. The fear of drought and a tight supply/demand balance are causing daily increases. Since the begin...

European Market Analysis

Regional News  Iraq tendered for 50 KMT of milling wheat last week and the lowest offer received was for Ukrainian wheat at $386/MT CNF. U.S. wheat wa...

Worth a Try; Embarrassing Energy Policy; Broken Solution

Worth a Try WTO Director General Ngozi Okonjo-Iweala is hoping that a “retreat” focused on agriculture and scheduled for 24 October will help c...

CFTC COT Report Analysis

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Oilseed Highlights - Like Shifting Sands

The Market Soybean and soymeal futures experienced a volatile week of trading but for soyoil it was all to the topside as it chased a rebound in palm oil v...

Declining Milk over Feed Margins

Yesterday, we discussed the hog to corn ratio and cost of production for pork producers; today is a look at the dairy sector. As would be expected, all the...

Summary of Futures

Dec 22 Corn closed at $6.8325/bushel, up $0.0775 from yesterday's close.  Dec 22 Wheat closed at $8.8025/bushel, up $0.0125 from yesterday's close.&nb...

Market Commentary: Lower Follow Through

The market chased the overnight lower closes and accelerated them as the trading day wore on. Exceptions were soyoil and pork, with the latter seeing robus...

Politics and Protectionism; OPEC and WTO

Politics and Protectionism Senator Marco Rubio (R-Florida) and other members of the Florida Congressional delegation are up for reelection next month. Fres...

Summary of Futures

Dec 22 Corn closed at $6.755/bushel, down $0.085 from yesterday's close.  Dec 22 Wheat closed at $8.79/bushel, down $0.23 from yesterday's close. ...

China In-Country Analysis

Public Policy Xi Looks To Third Term as Golden Holiday Celebration Arrives With China’s Communist Party set to hold its 20th national congress on 16...

Export Sales

Export Sales for September 23-29, 2022 Wheat: Net sales of 229,400 metric tons (MT) for 2022/2023 primarily for the Philippines (85,300 MT, including decre...

Market Commentary: Grains Firm After Two-Sided Trade; Soymeal Breaks Key Support

The CBOT was mixed in quiet, two-sided trade at mid-week. Corn and wheat futures managed to post slight gains after trading both in the green and red while...

Policymaker Macro-Risks

Markets are volatile due to the large number of economic cross-currents. The WTO unsurprisingly announced that global trade would decline in 2023. The comb...

No Easy Solution

The world’s population will need more food and that competes with the sustainability of resources. Historically, wars and famine took care of the pro...

Summary of Futures

Dec 22 Corn closed at $6.84/bushel, up $0.01 from yesterday's close.  Dec 22 Wheat closed at $9.02/bushel, down $0.01 from yesterday's close.  No...

Black Sea Regional Analysis

Russian Grain Markets: 26-30 September 2022 The Russian Ministry of Agriculture reported that as of 30 September wheat production showed 101.9 MMT of bunke...

Watching Brazil’s Elections

The U.S. mid-term Congressional election is five weeks away; one election that much of agriculture is watching is Brazil’s Presidential race. In the...

Dollar Drives Globe Slower

Commodity markets are weakening both due to higher interest rates depressing demand and slowed world trade, and because many are traded based on the dollar...

Summary of Futures

Dec 22 Corn closed at $6.83/bushel, up $0.0225 from yesterday's close.  Dec 22 Wheat closed at $9.03/bushel, down $0.09 from yesterday's close. ...

Middle East, Mediterranean and Africa Regional Analysis

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION African grain importers from Russia may find that business is easier as R...

Scrutiny on Foreign Owned Farmland

The issue of foreign owned farmland has been percolating since the Chinese entity Fufeng bought 370 acres in Nort Dakota, near the U.S. Airforce’s Gr...

Fertilizer Crisis

Fortunately, Hurricane Ian did not adversely impact Florida’s production of phosphate for crop production, but nitrogen remains a major supply concer...

Wheat Optics

The U.S. has six major classes of wheat, with Hard Red Winter (HRW) comprising more than 40 percent of the total. Analysts have noted that the 2022 HRW cro...

Summary of Futures

Dec 22 Corn closed at $6.8075/bushel, up $0.0325 from yesterday's close.  Dec 22 Wheat closed at $9.12/bushel, down $0.095 from yesterday's close.&nbs...

Mercosur Regional Analysis

Wheat The Buenos Aires Grain Exchange, as other exchanges and analysts have done, lowered its wheat crop estimate to 17.5 MMT versus 20.5 MMT in its previo...

WTO Forum Misses Mark; Political Red Meat

WTO Forum Misses Mark WTO Director-General Ngozi Okonjo-Iweala is a well meaning leader who has correctly focused on some of the organization’s burea...

Summary of Futures

Dec 22 Corn closed at $6.775/bushel, up $0.08 from yesterday's close.  Dec 22 Wheat closed at $9.215/bushel, up $0.2525 from yesterday's close. ...

Oilseeds Highlights - Snap Your Fingers, Snap Your Neck

The Market Soybeans were fighting their way back to breakeven for the week until USDA issued its quarterly stocks report midday and showed more product on...

Market Commentary: Holding Pattern

Two-sided, narrow trading continues as uncertainty competes with certainty over where true value is headed. In an almost hands off manner, soybeans failed...

Campaign Calling; White House Runs Through Unions

Campaign Calling Television broadcasting use to shutdown at 7pm. Congress would go on recess for the whole month of August and might not return to DC in an...

Livestock Roundup: Hogs and Pigs Report: Further Contraction

USDA released a much anticipated quarterly Hogs and Pigs report for September today. At 73.8 million head, the total inventory as of 1 September followed t...

Summary of Futures

Dec 22 Corn closed at $6.695/bushel, down $0.01 from yesterday's close.  Dec 22 Wheat closed at $8.9625/bushel, down $0.07 from yesterday's close.&nbs...

China In-Country Analysis

Livestock Feed Costs Continue to Surge Courtesy of rising costs for corn, corn byproducts, and soymeal, major feed mills announced another round of price h...

Export Sales

Export Sales for September 16-22, 2022.   Wheat: Net sales of 279,800 metric tons (MT) for 2022/2023 primarily for Guatemala (115,400 MT, includi...

Market Commentary: Two-Sided CBOT Trade Amid Macro-Market Volatility

The CBOT saw two-sided trade on Wednesday that was again heavily influenced by macro markets. Early weakness took corn and soybean futures below major tech...

Nutrition and Food Security; Coarse Politics Amidst War

Nutrition and Food Security Today’s White House Conference on Food, Nutrition and Health included the release of a national strategy aimed at ending...

Summary of Futures

Dec 22 Corn closed at $6.705/bushel, up $0.03 from yesterday's close.  Dec 22 Wheat closed at $9.0325/bushel, up $0.3175 from yesterday's close. ...

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